HONG KONG DAILY PRESS
Finance and Commerce
U.S. POLICY ON
A
PHILIPPINE ISLANDS
recommendation that the Philippine Islands should con- tinue to enjoy a preferential trade relationship with the United States for 15 years after their attainment of political independence on July 4, 1948, was made recently by' a Joint preparatory. committee on Philippine alfairs...
President Roosevelt bas issued a statement accepting the recom- mendations of the committee and
the
Q
RETALIATION FOR CREDITS
Puppets May Raise Tariffs
Peiping. Dec. 22.
The first retaliatory blow against British and 'American credits to China may emerge from the "United Council of the Provisional Governments of Peiptar and Nanking." which niet to-day.
DUPONT'S NEW TEXTILE
PLANT
E 1. DuPont de Nemours · and Co. has selected a site in lower Delaware, near Seaford, for the erection of the $7,000, 000 textile yarn plant recently Announced. The plant alte covers 340 acres,
In the textile trade the announce- ment of the new plant was at once linked with the recently an- nounced invention by the duPont The agenda of the meeting in- concern of "Fiber No. 68," a new urging that Congress should make eludes the subjects of the cotton chemical yarn of high tenacity necessary. changes in the trade in North China, control of and elastielty for women's hostery. Philippine Independence Act to export tr. de generally and Cus- and other textile uses.
This yarn avold the disruption of several
toms matters. The latter embraces has no cellulose, base, but is of Philippine Industries.
revision possible upward
of entirely chemical composition. Before the Independence Act was tariffs, especially these affecting Since the company's announced passed, Philippine products had a imports from count.des other than intention is to start construction free market in the United States. Japan and luxuries like wines. at once, the textile trade expects and American products had a free spirits and tobacco,
that commercial Production of market in the Philippines. The
Eritish and American enterprises the new fiber will be under way preparatory committee contem-would be seriously affected there-tate in 1939 or early in 1940. plates the gradual removal of this
by.
41s presumed that the yarn has special position by both sides.
The "United Council", is not been brought to a high state of In July. 1948, the tariffs imposed considering the formation of a perfection to warrant construction by each country on goods from the "redemi government." It is believe ot so large a plant for its produc- other will amount to 25 per cent. that the Japanese military authori- tion. of the normal rate. Thereafter ties have found it necessary to CELANESE "MYSTERY" . tariffs will rise by 5 per cent. each postpone the Ides owing to the year until in 1960 the full tariff complete failure to persuade any
The Celanese Corp. of will be applied by each country necessary
America also announced plans for A against the other.
$10,000,000 plant near Pearisburg, Virginia, on which construction will start imme- diately.
recon-
REMISSION OF TAXES
Although this 19 the mendation of the committee. many people, here feel that Con- gress may change its mind before 1960. In view of increasing Japan- esc competition with American products. it is possible that the Philippines may be placed, like, Cuba, on a permanent preferential basis.
personnel to emerge under their banner.-Reuter.
It
JAPANESE ARMY The plant will be used for the
NOTES RULED
ILLEGAL
(From Our Own Correspondent)
Chungshan, Dec. 19. Japanese army notes which are! Chief of the committee's finan- circulated in Canton and other oc- cial recommendations is the pro- cupled towns to the extent of over posal that excise taxes which the $1,000,000 and are without allver United States imposes on sugar and coconut oil from the Philip pines should be remitted to the rehabilitation of distressed indus- tries there.
These excise taxes are virtually increased tariffs, imposed contrary to the Congressional pledge that tarifs on products of interest to
manufacture of 11 new textile yarn about which the company refuses to divulge any details at present. The plant will be com- pleted and be ready to turn out yarn within a year."
ITALY'S BUDGET.
DEFICIT
Rome, Dec. 14. The Council of Ministers to-day
reserve and of intrinsic value, are losing "confidence, as General Wu Te-chen, Governor of Kwangtung. approved the 1939 Budget. has issued a warning that such bogus paper money is legal and cannot be accepted,
Since the Japanese are in oc- cupation of less than one-tenth of Kwangtung. they and it hard to
The Budget includes expenses totalling Lite 29.316.000.000 and receipts amounting to Lire 24.661, 1000,000. thereby showing a "deficit
of Lare 4,755,000,000.
Credits for the army will reach Lire 3,406,000,000,"Lire 2.701,000,000
the Philippines would not be in dispose of their heavy stock will be granted the Navy, Lare
creased.
י
Remission of these tarif sur charges would therefore be tanta- mount to preferential treatment.
army notes, which are forced upon the people in Canton, Fatahan. Samshui and Sheklung.
These Japanese notes are suffering a
2,165,000,000 to the Aviation, and extraordinary national defence credits amounting to over Lire 2.475,000,000 are to be provided for. amount to over Lire 19,000,000,000.
since they would still be levied on further reverse by the rising of rotal national defence credits will
goods from competing countries.
Chinese legal tenders following the British and American credits to Ching.
Despite the loss of Canton, the Kwangtung Provincial Government 1s functioning as usual in Lien- hsten in North-west Kwangtung. of of the government will undergo Reports stating that the personnel
U.S. SILVER BLOC URGES MINIMUM BUYING PRICE Senator William H. King Utah has voiced the demand the vanguard of the western ver bloc that the U.S. Govern ment continue to pay at least 64.64 cents per ounce for new. ly-mined domestic sliver.
31
of
Havas
IMPROVEMENT IN BUSINESS FORECAST
Washington, Dec. 22,
sileralissimo Chiang Kai-shek recent-recently resigned, as Secretary of reorganization is premature. Gen- Mr. Daniel Calhoun Roper, who ly met Governor Wu Te-chen at commerce. held his last press con- an undisclosed polot and gave him ference yesterday. instructions on the war time ad- ministration of Kwangtung.
Meanwhile monetary experts have prepared data to help. Pre- sident Roosevelt determine the silver price:
"If an attempt is made to lower the price." Senator King said. "it might reopen the entire high-
SUEZ CANAL DUES REDUCED
Pa:is, Dec. 15.
controversial monetary ques- The Suez Canal Company, has
tions"
announced that the reduction of
He predicted continuation in 1939 of gradual improvement in bus!-
ness.
Mr. Roper said that relations be- tween Government and business had improved this year, and that the harmony between them was in- |creasing-Reuter.
The present U.S. silver buying transit dues, decided by the Ad-to-day: The reduction is by three policy, however, lacks the full ministration Council on September pence on six shillings per ton support of the President's advi-1. will enter into effect as from Havas.
sers
including the Secretary
"f
the Treasury. Mr. Henry Morgen-
WEEKLY RETURNS AND REPORTS
BANK OF ENGLAND
SILVER MARKETS
LONDON SILVER
London, Dec. 22. Silver-Market quiet and fea- tureless. In the afternoon, the market was quiet but steady. In
the absence of sellers.
Public Deposits Other Deposits:-
· Bankers
Other Accounts".
Total..........
Spot
Forward
20-1/18d.
10-7/152.
-Reuter.
NEW YORK SILVER
New York, Dec. 22.
Official Price, 42-3/4-Reuter. BOMBAY SILVER
*Ready
Bombay, Dec. 22. Indian Mint Silver
Today's Quotations 61-00 51-02 Jan. 18 Bettiement,... 50-15 51-01 Feb. 14 Settlement 50-13 50-15
-Reuter.
BROKERS' LOAN
New York, Dec, 22.
Loan on securities to brokers in
New York:-
Week-ended
15/12/38 $595,000,000
Week-ended
22/12/38
$690,000.000
FINANCE
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WINTER CLOTHES
Women's, Men's & Children's
WANTED URGENTLY
HONGKONG BENEVOLENT SOCIETY
Monday & Thursday
ICE HOUSE STREET"
10 to 12 Noon.
SATURDAY, DECEMBER 24, 1938.--PAGE 11
6
PUBLIC AUCTION. LAMMERTS' AUCTIONS
THE Undersigned have received PUBLIC AUCTION.
Instructions
to sell by
PUBLIC AUCTION
ON
FRIDAY, the 30th DECEMBER, 1938.
Commencing at 2.30 p.m.
At their Sales Room, No. 35, Hankow Road, Kowloon.
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE
Comprising:
Teakwood
Bedroom, Drawing- room. Diningroom and Office Furniture, Carpets and Rugs. Ornaments, Cutlery, Crockery,
E. P. Brass, Glass and Porcelain Ware. Electric Table Lamps and Hésters, Pictures, Clocks, Gramo- phones and Utensils, etc., etc.
A FEW PIECES OF BLACKWOOD FURNITURE
THE "Undersigned have repaired
instructions
TO SELL BY
PUBLIC AUCTION
& ON
THURSDAY, the 29th DECEMBER, 1938.
Commencing at 230 p.m.
At their Sales Room, No. 2.- Connaught Road, Contral, Ground Floor,
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE,
Comprising:
Divans. Wardrobes, Dressing Records. Cooking Tables, Chests of Drawers, Bide- boards, Dining Tables, Chairs, Hatstands, Chesterfield Suites, Desks. Typewriter Tables, Filing Cabinets, Bookcases, Carpets, Rugs, Wardrobe Trunks. Pictures, Or- naments. Books, Cigarette and Cigar Boxes Hand Sewing Machine. Gramophones, Re- cords and Cases, Electric Table Fans, Lamps and Heaters, E. P. Brass. Aluminium, Glass. and Porcelain Ware, Cooking Stove and Utensils, etc., etc.
On VIEW from THURSDAY, “
the 29th DECEMBER, 1933.
Terms: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS.
STAMPS AS CHRISTMAS PRESENTS
Please your friends and help their hobby this Xmas by giving them stamps, which will prove an appreciable.gift, as, they in- crease in value..
We have an extensive selection of stamps in sets, packets, bags and on approval books for all classes of collectors. Also stamp Albums, Catalogue and all other philatelic goods. Picture, paint- ing
and story books, Snow White, &c. are also suitable for Christmas Presents.
GRACA & COMPANY No:10. Wyndham Street. HONGKONG. Established 1896,
THORNYCROFT
also
A FEW PIECES OF BLACKWOOD
FURNITURE
and
1 Dinner Service
"Zenith" Radio Set
1 Electric Gramophone
1 Projector 8 and 16 m..
1 Cine-camera with accessories 3 Typewriters
3 Steel Shafted Golf Clubs
(new),
On VIEW from Wednesdry, the 28th DECEMBER, 1938.
Terms: Cash on Delivery.
LAMMERT BROS..
Heres a REAL boon to boatowners!
London, December 22
Dec. 15
Dec. 22
(000's omitted)
£ 15,810
£ 12.520
59,550
98,340
*30,000
37,310
135,550
135,650
Government Securities
58,550
72,120
Other Securities:
Discounts and Advances
16,820
14,910
Two cylinders
Securities
21,890
24,800
Total
38,510
39,710.
Notes and Coins
62.170
54,280
Total Bullion
327,520
327,310
Notes in circulation
495,350
Engine speed: 1,100 r.p.m.
503,040
Ratio of Reserve to Liabilities
44.12%
36.62 ~~Reuter.
FEDERAL RESERVE SYSTEM
Bills Bought
U.S. Securities held
Federal Reserve Ratio
Federal Reserve Credit Outstanding
Monetary Gold Stak
Industrial, Advance
-Reuter.
New York. December 22.
Dec. 15
Dec. 22.
(000's omitted).
1,000
1,000
2.564,000
2,564,000
63.68%
2,600,000
83.35% 2,656,000
ई.
14,380,000 14,154,000
15,573,000 15,533,00)
-Reuter. "
the
AUCTIONEERS.
HEAVIL
THORNYCROFT
'HANDYBILLY'
operated on the Hesselman principle and, with very little increase in weight or overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost of the diesel,
9 H.P.
Bore, 3 in. (89 m.m,); Stroke, 4 in. (114.2 m.m.); Displacement, 86.5 cu. ins. (1415 c.c.).
Tailshaft speed: 700 r.p.m
Fitted with combined reducing-reversing gear,
THORNYCROFT
stands for Satisfaction
FOR FURTHER PARTICULARS
HONG KONG
APPLY TO OUR
OFFICE.
TEL.. 22363.
ST. GEORGE'S Building, Ist. Floor.